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May 3, 2016

Construction spending at highest level since 2007

  • Gains in home building and nonresidential construction offset a drop in government projects in March.
    • By MARTIN CRUTSINGER
    AP Economics Writer

    WASHINGTON — U.S. construction spending advanced in March to its highest level in more than eight years. Gains in home building and nonresidential construction offset a drop in government projects.

    Construction spending rose 0.3 percent in March after a 1 percent gain in February, the Commerce Department said Monday. The back-to-back increases raised total spending to a seasonally adjusted annual rate of $1.14 trillion, the highest level since October 2007.


     
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